Social Security is not the problem

Posted on September 15, 2010

Recently, policymakers in Washington have discussed cuts to Social Security as a way to reduce the nation’s debt. The fact is that any cuts to Social Security will not solve the nation’s retirement income crisis, but instead will intensify nation’s retirement income problem. Any cuts to Social Security will push a countless number of Americans further into poverty. The nation’s Retirement Income Deficit of $6.6 trillion is the real problem.

The nation’s Retirement Income Deficit – the difference between what Americans have set aside for retirement (including pensions and other forms of retirement savings) and what they actually need – only highlights the fact that the millions of Americans who rely on Social Security in retirement would be left reeling if cuts were made to this essential program.

Social Security is one of the nation’s most successful programs. By lifting millions of Americas out of poverty, it provides a lifeline to those who need it the most. The program has provided a steady and reliable source of income to all Americans, including retirees, people with disabilities, families of September 11th victims, among many others. In addition, Social Security represents a significant source of income for women and communities of color.

The facts show that too many Americans are already struggling to make ends meet. Any cuts to Social Security would only add to the nation’s Retirement Income Deficit by compounding the problem – leaving many millions more of Americans without hope of an adequate and secure retirement.